Transcripts

On February 27, 2014 IGMR received correspondence from the IRS regarding transcripts.

Hi, XXXXXX. I wanted to pass on some language that was added to our filing season page it addresses transcripts and how they really aren’t a good indicator of when a refund is coming.

Will ordering a transcript help you determine when you’ll get your refund?

No, a tax transcript will not help you determine when you will get your refund. This is among the common myths and misconceptions that are often repeated in social media. The codes listed on tax transcripts do not provide any early insight into when a refund will be issued. The best way to check on your refund is by visiting “Where’s My Refund?” While transcripts include a lot of detailed information regarding actions taken on your account, the codes do not mean the same thing for everyone and they do not necessarily reflect how any of these actions do or do not impact the amount or timing of your refund. IRS transcripts are best and most often used to validate past income and tax filing status for mortgage, student and small business loan applications and to help with tax preparation.

 

 

Times are a changing

As you see from the statement above, the IRS didn’t and  doesn’t acknowledge any of our theories on transcripts even to this day 5 years later. They have made tremendous strides with the implementation of the online viewing of transcripts and with this option people can see almost daily changes on their return. This has made this time of year less “taxing” for many.

How to get transcripts either to view online or mailed:

https://www.irs.gov/individuals/get-transcript

 

IRS Order Transcript Phone Number 1-800-908-9946 or 1-800-829-3676

 

 

If you have questions:

https://www.irs.gov/individuals/get-transcript-faqs

 

TYPES OF TRANSCRIPTS

We offer the following transcript types at no charge to you:

  • Tax Return Transcript – shows most line items including your adjusted gross income (AGI) from your original tax return (Form 1040, 1040A or 1040EZ) as filed, along with any forms and schedules. It doesn’t show changes made after you filed your original return. This transcript is only available for the current tax year and returns processed during the prior three years. A tax return transcript usually meets the needs of lending institutions offering mortgages and student loans. Note: the secondary spouse on a joint return must use Get Transcript Online or Form 4506-T to request this transcript type. When using Get Transcript by Mail or phone, the primary taxpayer on the return must make the request.
  • Tax Account Transcript – shows basic data such as return type, marital status, adjusted gross income, taxable income and all payment types. It also shows changes made after you filed your original return. This transcript is available for the current tax year and up to 10 prior years using Get Transcript Online or Form 4506-T. When using Get Transcript by Mail or phone, you’re limited to the current tax year and returns processed during the prior three years. Note: If you made estimated tax payments and/or applied an overpayment from a prior year return, you can request this transcript type a few weeks after the beginning of the calendar year to confirm your payments prior to filing your tax return.
  • Record of Account Transcript – combines the tax return and tax account transcripts above into one complete transcript. This transcript is available for the current tax year and returns processed during the prior three years using Get Transcript Online or Form 4506-T.
  • Wage and Income Transcript – shows data from information returns we receive such as Forms W-2, 1099, 1098 and Form 5498, IRA Contribution Information. Current tax year information may not be complete until July. This transcript is available for up to 10 prior years using Get Transcript Online or Form 4506-T.
  • Verification of Non-filing Letter – provides proof that the IRS has no record of a filed Form 1040, 1040A or 1040EZ for the year you requested. It doesn’t indicate whether you were required to file a return for that year. This letter is available after June 15 for the current tax year or anytime for the prior three tax years using Get Transcript Online or Form 4506-T. You must use Form 4506-T if you need a letter for tax years older than the prior three years.

Note: A transcript isn’t a photocopy of your return. If you need a copy of your original return, complete and mail Form 4506, Request for Copy of Tax Return, along with the applicable fee.

 

Others in need theories indeed

The IGMR theories on transcripts have changed through out the years. Since the IRS has allowed online viewing many of our previous theories have been proven and many debunked. Not all individuals are able to view their transcripts online.  We have come up with new theories to assist these individuals. 

  1. We believe transcripts can update daily.  Larger updates occurring Tuesday into Wednesday and Thursday into Friday.
  2. If you can order both transcripts, the account and the return it can signal you are finished processing.  In  some cases people receive blank pages which likely means they were still processing. The best indicator is if you had a change of address.  If the system accepts your new address  then you are most likely processed. This doesn’t mean your return doesn’t have issues. The next update on the WMR you should have a DDD or a code with or without a take action status.
  3.  Account transcripts have the various processing and freeze codes.
  4. https://igotmyrefund.com/irs-transaction-codes-and-error-codes/

 

 

Please see the various posts from our users about this topic old threads can be found on the Hot tab or in the forums.